My understanding is a bit different. Vulcan were confirmed as 'qualifying' to apply for $800m AUD which happens to a approx 50% of companies that go through that process, the ticked the right boxes. The amount is up to $800mAUD and as a result the share price today went up by 10%.
This provisional approval now makes it easier (in theory) for Vulcan to find the extra $500m AUD+ which they need to secure before they are able to finalise any deal with the EIB, it is my understanding that once you get the provisional approval and are then able to put the rest of the financing into place, 95% of companies receive the funding from the EIB but it is very much conditional on them getting the remainder organised. Putting the remaining finance in place is now slightly easier for Vulcan on the back of that approval, but by no means a given. Once/if the full financial package is arranged and the technology is shown to work at a commercial scale (hopefully the next 6 months), then we can expect to see a significant jump in their share price, but I don't think anyone was expecting that today. Personally I get the sense it might be similar for EUR, the listing is a good step (far bigger one than we saw with Vulcan) but still only a stepping stone with a long way to go.
Just my understanding as a rank amateur but different to your view so I thought worth mentioning.
EUR Price at posting:
8.6¢ Sentiment: Buy Disclosure: Held
